VersAi Inc. Acquires Intellectual Property from Espion International

By

Published: Feb 21, 2014 5:02 a.m. ET

Share

NEW WESTMINSTER, British Columbia, Feb 21, 2014 (BUSINESS WIRE) --
VersAi, Inc. (“VersAi” or “the Company”), a Canadian Federal
Corporation, headquartered in Irvine, California, an Intellectual
Property Holdings company known for developing OEM Intelligent
Middleware™ for next generation computing environments, is pleased to
announce that it has acquired certain intellectual property assets
including the worldwide distribution and licensing rights to the product
lines and technology developed by Espion International, Inc., an 11 year
old leading email and UTM (“Unified Threat Management”) appliance
manufacturer.

Espion, founded in 2003, developed and sold a line of AI-based email
security appliances known as the “Interceptor.” The Interceptor soon was
recognized and featured in several Network World Magazine articles in
2004 and 2005 as a strong contender in the email security space,
alongside similar appliance products of competitors such as Proofpoint,
Postini, Barracuda Networks, and Cisco/IronPort.

The IP itself is a self-signature-creating AI algorithm which now makes
up the core of VersAi’s product line, which is an extension of Espion’s
Interceptor line. VersAi’s product offerings include hardware appliances
which can be installed at the client’s premises or which can be remotely
accessed as a hosted solution. In addition, VersAi’s product line
includes the virtualized versions of the Interceptor. This AI technology
is now known as VersAi Probabilistic Reasoning (VPR). It has been
deployed on several million user mailboxes worldwide, including several
Fortune 500 companies.

“We are very pleased with completing this IP transfer, as it marks the
beginning of a new era for us which involves renewing our existing
licensing agreements with our current partners and opening our doors to
new partners in each of the markets we are seeking to reach,” commented
Dr. J. Scott Smith, President of VersAi.

About VersAi:

VersAi is a leading IT Security company utilizing artificial
intelligence that has reached near autonomic operation, or operation
without human intervention. We create self-learning, self-regulating,
self-healing algorithms that have been commercially proven to be
extremely effective at securing networks against email spam, viruses,
intrusions via hacking attempts (IDS/IPS) and for providing outbound
content security via content filtering and auto-encryption. Our inbound
threat detection and prevention, as well as outbound policy and content
security systems, are powered by VersAi’s VPR AI intelligent security
algorithm. Originally designed as a hybrid AI algorithm, borrowing from
both symbolic (probabilistic reasoning, logic) and non-symbolic (machine
learning, fuzzy logic, pattern detection) approaches, VPR has been
commercially proven and tested over 11 years running as a
self-signature-creating predictive and adaptive system, currently used
as an email and content security gateway (DLP, HIPAA compliance via
encryption) by over 250 enterprise customers including Fortune 500
companies, major Governmental divisions, various hospitals and many
different businesses in virtually every vertical market. VersAi is fast
becoming the leader in delivering a solid value proposition as a
developer of OEM Intelligent Middleware to its customers and partners.

Disclaimer/Safe Harbor Statement:

This release may be deemed to contain forward-looking statements which
are subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
include, among other things, statements regarding the potential growth
of the market in which VersAi Inc. operates. Readers are cautioned that
these and similar forward-looking statements are only predictions and
may differ materially from actual future events or results. VersAi Inc.
does not undertake any duty to update the information provided in this
release, except as otherwise required by law.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.